Weekly Crypto Analysis August 20-26, 2018

Weekly Crypto Analysis August 20-26, 2018

Bitcoin

Source: tradingview.com

For the past week, the Bitcoin price had been building up, managing to break the upper line of the range we mentioned in our last weekly crypto analysis. Resistance emerged at 6,888, right where our resistance was located, but despite that, buyers managed to accumulate and now the price seems like further breakouts on the upside might follow.

We’ve spotted an ascending trend line already confirmed by three touches and as long as the price will stay above it, a nice bullish parabolic structure is expected to continue to unfold. Above the 6,888 resistance level, 7,110 is the next one, considering that a strong wave of selling had started there.

On the other hand, a break below the trend line, followed by a weak response from the bulls will mean the price could head towards the 6,000 support area again, where bulls might start to accumulate as they did in the past.

Ethereum

Source: tradingview.com

Despite the fact we saw Bitcoin managing to recover some lost ground in the past, Ethereum did not manage to follow the same path. The price consolidated lower in a symmetrical triangle formation that at the time of writing had been breached on the downside. If the sellers will continue to pressure the price lower, the next destination could be the 252 support level, which is where the price had started to consolidate higher. A break below that low could potentially open more room towards the 221 or 200 support area.

On the other hand, if we see bullish momentum driving the price above the triangle formation, there are some hopes for a recovery towards the 319-330 resistance area. Only a strong break above it could open more room towards 400 or higher, but for now, we think that the Ethereum price will continue to be subdued.

Stellar

Source: tradingview.com

The ascending triangle formation that we have talked about last year failed to deliver the upside break and instead, the selling pressure resumed, negating all the hopes for further price recovery. The price action context suggests that sellers are in control right now since the red candles cover much more ground than the green ones.

If the conditions won’t change, we suspect the Stellar price will head towards 0.19 support area, where the current consolidation had started A break below that level will open more room towards 0.17, little above the 2018 low.

On the other hand, a strong rebound will be needed in order to put the 0.24 resistance under heavy pressure. We’ve already seen three failed breakout attempts around it, so buyers could have a hard time there. But first, they have to push the price towards it.

Briefings about ICOs

In terms of ICO project that are active right now and still raising funds, MFChain is a smart contract platform with direct commerce integration in order to use cryptocurrencies easily. The project will run for 6 more days until August 31st.

According to icowatchlist.com, Sansox is a project that will start on August 27th and will last until October 10th. Sansox is the complete and comprehensive facilitator of Water treatment solutions.